Choosing the Magento Payment Gateway: What to Consider

As a business owner, choosing the right payment gateway is vital for your Magento shop to run seamlessly. A top-notch Magento payment gateway can help you maximize your profit.

Many entrepreneurs make the mistake of selecting the first payment gateway they find. However, there are many factors to consider when choosing the one that’s tailored for your business. 

In this blog post, we will highlight some important points you need to look for in a payment gateway for your Magento site.

What to Consider While Searching for a Payment Gateway for Magento

When creating a store, choosing a Magento 2 payment gateway that is compatible with the process you need is crucial. However, choosing a payment gateway for your ecommerce website can be daunting, especially if you’re new to ecommerce. With so many options available, how do you know which one is best for your website?

To help you out, here are some of the things you need to keep an eye on:

Security

The security of your website is one of the most important aspects to consider when selecting a payment gateway. Most of the payment gateways use 128-bit SSL encryption technology to make all the transactions secure. 

Some payment gateways are Payment Card Industry (PCI) compliant, a standard used to protect card information. It would be best to look for a payment gateway that offers PCI-compliant technology, as it is highly secure.

Convenience

The best payment gateways make paying very convenient for your customers to buy from your store. The payment gateway should also be easy to integrate with your e-commerce website.

Capabilities

Do you need a system that accepts international credit cards? Do you need a gateway to let you use your domain name? Do you allow online checks? Knowing the capabilities of the gateway, as well as its limitations, will help you choose the one that fits your business.

BNPL, Apple Pay, Google Pay

Gateways that allow customers to pay with alternative payment methods like “buy now, pay later” will not only be more convenient for you store visitors, but also can affect the conversion rate.

Cost

Merchant fees, transaction fees, gateway fees — fees everywhere! These fees can add up quickly and cut into your profits. So you must find a payment gateway that won’t put a big dent in your pocket.

How to Integrate a Payment Gateway into Your Website

Depending on your selected payment gateway, there could be a few different ways to set it up. If the selected payment gateway has a native integration with Magento, you can try to set it up on your own using guides and tutorials online.

Alternatively, you can order this service from Atwix. Atwix has helped many clients with integrating payment gateway with Magento.

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Gateway Integration Services

Atwix has helped many clients with integrating payment gateway with Magento & Adobe Commerce.

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Moving forward, here are the most popular options for payment gateways that you can integrate with Magento.

Magento Out-the-Box Payment Integrations

Need some recommendations on the best payment gateway for Magento 2? Check this list:

PayPal

PayPal magento payment gateway

PayPal is the market leader in online payment processing and a popular choice for eCommerce stores looking to accept a diverse range of payments. It’s easy to use, safe and reliable. Since the password and code are used to make payments, there is no need to input your credit card number or any sensitive information.

Authorize.Net

Authorize Net magento payment gateway

With Authorize.Net, you can add credit card processing to your site and use the company’s various features. These include real-time transaction updates, recurring billing, and support for custom coding. In addition, Authorize.Net offers an easy-to-use interface, fraud management, and an extensive API. The company works with different industries, including retail, e-commerce, health care, and more.

Braintree

Braintree magento payment gateway

Since 2007, Braintree has expanded its merchant base by working with companies such as Uber, Airbnb, and GitHub. The company’s primary goal is to make accepting payments simple, fast, and straightforward for the store owner and the consumer. 

Braintree accepts credit card payments, Apple Pay, Bitcoin, and PayPal.

Other International Magento-compatible Payment Gateways

If you’re looking for a system that is not that popular but does the job just the same, it’s worth mentioning the following:

Stripe

Stripe is a payment service provider that allows you to accept all major credit cards with any programming language. It integrates with many leading e-commerce platforms, including Magento 2. You can use it for free for up to 100 transactions per month. 

For businesses that process more than that, Stripe charges a fee of 2.9% + 30 cents per transaction. Stripe can be integrated with your Magento store using a plugin or a Developer API key.

Square

Square and Magento integration offers an efficient and customizable eCommerce solution. This integration enables automatic synchronization of payments to your Square Dashboard, providing a comprehensive view of transactions. It supports various payment options like Apple Pay and Square Gift Cards. The integration also offers POS inventory synchronization, enabling seamless online and in-store retail experiences. 

With Magento’s reporting tools, this collaboration can yield vital insights into sales and customer behavior, enhancing your eCommerce strategy.

Amazon Pay

Amazon Pay allows online shoppers to use the information already stored in their Amazon account to purchase goods or services on your site. When you use Amazon Pay, you reduce the number of steps it takes for your customer to complete a purchase while also reducing the cost of customer acquisition. You can also increase conversion rates by using the Buy with Amazon button, which allows customers to quickly add your products to their shopping cart.

2Checkout

2Checkout (Verifone) is used by thousands of Magento stores worldwide to earn more revenue, reduce fraud risk, and increase sales. 2Checkout is a great payment gateway for English, German, Spanish, French, and Italian stores that want to sell internationally.

Klarna

Klarna is a payment gateway service that specializes in payments for physical goods. It is a trendy e-commerce payment gateway in Europe. Thanks to the recent partnership with Magento, it can also be used by merchants in the United States.

Summary

Opting for Magento payment gateway integration from a solution partner over a DIY approach brings key advantages. Expert partners ensure secure, efficient transactions and offer future-ready solutions with ongoing support. 

Self-implementation may lead to Magento security risks and operational inefficiencies. Therefore, utilizing professional services promises a superior and reliable e-commerce experience.